A love affair with food might fire the passion, but isn’t the only ingredient needed to run a successful food business. Managing a profitable food business requires close financial analysis, practical tools that work and tried and proven processes.
‘Critical Financial Analysis’ is a phrase more associated with an investment bank or accountancy firm, but Tom Rutherford, Director of fnb, believes many food businesses don’t recognise the ‘business’ part of their operation or know where to turn to for sound, specific and relevant food business advice.
This insight, coupled with Tom’s 30 years of experience working with restaurants, catering, clubs and corporate events, has led to the launch of fnb’s Financial Analysis for Food Businesses.
This is a one-on-one look at a food business, or potential business. It involves straightforward practical tools that owners, managers and chefs need in order to understand the cost and profit behind the foie gras. This service goes to the heart of the uniqueness of food businesses and includes highly tailored, relevant information that makes logical sense and a difference quickly.
‘When a chef turns restaurateur, their focus is on food and beverage, menus, staff and creating atmosphere – but this needs to be matched with solid budgeting, planning and analysis tools that work,’ says Rutherford.
‘Knowing how to dissect a menu’s costs, budget for future roster forecasting or understand how to manage variables like shrinkage, theft, tips and waste are crucial to success.’
Tom works with food businesses to help them develop the answers to complex food business questions and ensures they know where their costs are and how to manage them.
‘There are many challenges to be faced in a restaurant business’ lifecycle. This program of individualised support looks at the start up phase, where huge costs are incurred, right through to addressing the seasonality of business and the challenge of refurbishments,’ says Rutherford.
Financial Analysis for Food Businesses deals with budgets for start-ups; discovers break-even points; shows how to budget for specific ROI points; how to create a profit not loss for food businesses, events and venues. This tool also gives insights for landlord’s (venue and club operators) looking to place a catering contract. This helps them determine the correct and affordable rental a food business can withstand and enables a caterer to determine whether a contract is worth perusing and how much rental they are willing to offer.
Financial Analysis for Food Businesses is provided by Tom Rutherford and is individually customised to suit each organisation. He provides one-on-one and highly confidential advice.